The TXPR Price Index hit a new 52-week high today of 681.80, edging the previous mark of 681.51 set on 2025-9-12.
PerpetualDiscounts now yield 5.64%, equivalent to 7.33% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.86% on 2025-10-8, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed to 245bp from the the 255bp reported October 1.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 6.66 % | 7.10 % | 27,627 | 13.39 | 1 | 0.0615 % | 2,429.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2543 % | 4,610.2 |
| Floater | 6.26 % | 6.55 % | 54,427 | 13.15 | 3 | 0.2543 % | 2,656.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1737 % | 3,648.0 |
| SplitShare | 4.79 % | 4.41 % | 65,737 | 3.33 | 5 | -0.1737 % | 4,356.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1737 % | 3,399.1 |
| Perpetual-Premium | 5.50 % | 3.74 % | 82,356 | 0.08 | 8 | -0.1185 % | 3,094.3 |
| Perpetual-Discount | 5.59 % | 5.64 % | 45,302 | 14.44 | 26 | 0.0531 % | 3,372.0 |
| FixedReset Disc | 5.99 % | 6.07 % | 110,225 | 13.70 | 30 | -0.1235 % | 3,048.9 |
| Insurance Straight | 5.52 % | 5.54 % | 55,795 | 14.60 | 21 | -0.4894 % | 3,293.7 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1235 % | 3,627.0 |
| FixedReset Prem | 5.63 % | 4.81 % | 127,292 | 2.80 | 22 | 0.0884 % | 2,634.6 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1235 % | 3,116.6 |
| FixedReset Ins Non | 5.22 % | 5.37 % | 53,549 | 14.53 | 15 | 0.0261 % | 3,070.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| GWO.PR.H | Insurance Straight | -7.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.06 % |
| MFC.PR.C | Insurance Straight | -2.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 21.16 Evaluated at bid price : 21.16 Bid-YTW : 5.37 % |
| PVS.PR.L | SplitShare | -2.31 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 5.26 % |
| ENB.PR.H | FixedReset Disc | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 21.77 Evaluated at bid price : 22.01 Bid-YTW : 5.88 % |
| BN.PR.N | Perpetual-Discount | -1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 20.14 Evaluated at bid price : 20.14 Bid-YTW : 5.95 % |
| SLF.PR.C | Insurance Straight | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.33 % |
| GWO.PR.R | Insurance Straight | -1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.63 % |
| BN.PR.X | FixedReset Disc | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 19.77 Evaluated at bid price : 19.77 Bid-YTW : 5.82 % |
| POW.PR.C | Perpetual-Premium | -1.38 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-11-07 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : -0.42 % |
| BN.PR.M | Perpetual-Discount | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.92 % |
| ENB.PF.K | FixedReset Disc | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 23.34 Evaluated at bid price : 24.60 Bid-YTW : 6.10 % |
| GWO.PR.L | Insurance Straight | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 24.64 Evaluated at bid price : 24.90 Bid-YTW : 5.71 % |
| NA.PR.G | FixedReset Prem | -1.09 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-11-16 Maturity Price : 25.00 Evaluated at bid price : 26.26 Bid-YTW : 5.06 % |
| ENB.PR.F | FixedReset Disc | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 21.06 Evaluated at bid price : 21.06 Bid-YTW : 6.41 % |
| IFC.PR.E | Insurance Straight | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 23.74 Evaluated at bid price : 24.01 Bid-YTW : 5.44 % |
| SLF.PR.E | Insurance Straight | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.20 % |
| ELF.PR.F | Insurance Straight | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 23.25 Evaluated at bid price : 23.55 Bid-YTW : 5.64 % |
| NA.PR.K | FixedReset Prem | 1.41 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 28.10 Bid-YTW : 4.34 % |
| CU.PR.J | Perpetual-Discount | 1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 21.51 Evaluated at bid price : 21.84 Bid-YTW : 5.49 % |
| PWF.PR.K | Perpetual-Discount | 2.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 22.35 Evaluated at bid price : 22.62 Bid-YTW : 5.56 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| ENB.PF.C | FixedReset Disc | 63,211 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 21.28 Evaluated at bid price : 21.56 Bid-YTW : 6.37 % |
| RY.PR.M | FixedReset Prem | 63,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-11-24 Maturity Price : 25.00 Evaluated at bid price : 25.09 Bid-YTW : 3.04 % |
| SLF.PR.G | FixedReset Ins Non | 61,212 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 5.68 % |
| BN.PF.G | FixedReset Disc | 41,730 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-08 Maturity Price : 22.40 Evaluated at bid price : 23.20 Bid-YTW : 6.07 % |
| TD.PF.E | FixedReset Prem | 36,918 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-11-30 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 4.67 % |
| POW.PR.H | Perpetual-Premium | 34,972 | YTW SCENARIO Maturity Type : Call Maturity Date : 2034-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 5.54 % |
| There were 7 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. | ||
| Issue | Index | Quote Data and Yield Notes |
| CU.PR.G | Perpetual-Discount | Quote: 18.00 – 21.25 Spot Rate : 3.2500 Average : 2.5066 YTW SCENARIO |
| GWO.PR.H | Insurance Straight | Quote: 20.20 – 22.45 Spot Rate : 2.2500 Average : 1.6612 YTW SCENARIO |
| ENB.PF.E | FixedReset Disc | Quote: 21.38 – 23.00 Spot Rate : 1.6200 Average : 1.0668 YTW SCENARIO |
| PVS.PR.H | SplitShare | Quote: 25.22 – 26.22 Spot Rate : 1.0000 Average : 0.5583 YTW SCENARIO |
| BN.PR.N | Perpetual-Discount | Quote: 20.14 – 21.30 Spot Rate : 1.1600 Average : 0.7528 YTW SCENARIO |
| CU.PR.E | Perpetual-Discount | Quote: 22.50 – 23.60 Spot Rate : 1.1000 Average : 0.7211 YTW SCENARIO |
[…] PerpetualDiscounts now yield 5.62%, equivalent to 7.31% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.78% on 2025-10-8, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained at the 245bp reported October 8. […]